Gold is trading at 1769.45 holding pretty steady today, as traders try to decipher market movements and central bank policy. Today, the Bank of Japan, introduced additional monetary stimulus, surprising traders. Policymakers have decided to expand the BoJ balance sheet, with asset purchases of ¥10trn that will include both treasury bills and JGBs. The purchases are part of an expansion to the existing Asset Purchase Program and raise the total to ¥80trn, with expectations of completion by Q4 2013

Traders are also closely watching eco data being released in China, as the PBoC has also been introducing programs and stimulus to help reach their 2012 forecast.

Meantime, a Chinese finance ministry researcher said the risks for inflation in China exceed the need for more economic stimulus. There is a slew of fresh economic data coming out of China on Thursday. The market place worries the China economic data may show significant weakness. The Chinese economic data Thursday looks to be the most important data of the week for the market place.

The U.S. dollar index is firmer in early trading Wednesday, on more short covering in a bear market. The greenback bears still have the overall near-term technical advantage as a two-month-old downtrend line remains in place on the daily bar chart.

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